Insurance Stocks Lead NGX Rally as Sovrenins Tops Gainers’ Chart; McNichols, Lasaco Drag Market Lower

 Lagos, Nigeria – 28 October 2025

Insurance stocks led a modest rebound on the Nigerian Exchange (NGX) on Tuesday, as Sovereign Trust Insurance Plc (SOVRENINS) emerged the day’s top gainer, climbing 9.88% to close at ₦4.45 per share, up from ₦4.05.

The positive sentiment extended across several financial and manufacturing counters, even as profit-taking in select mid- and large-cap stocks tempered broader market gains.

ASO Savings and Loans Plc followed closely with a 9.72% rise to ₦0.79, while Berger Paints Plc advanced 9.25% to close at ₦42.50, continuing its recent rally driven by renewed investor appetite for industrial stocks.

Other strong performers included WAPIC Insurance (+6.90%), AIICO Insurance (+6.13%), and Champion Breweries (+6.00%), reflecting renewed optimism in the consumer and insurance segments.

Energy and banking counters also featured among the gainers, with Eunisell Interlinked Plc up 5.82%, Ecobank Transnational Incorporated (ETI) advancing 4.03% to ₦37.45, and Oando Plc adding 1.31% to ₦42.55.

Heavyweight MTN Nigeria Communications Plc gained 0.99% to close at ₦520.10, providing modest support to the All-Share Index.

However, the bullish tone was partly offset by sharp declines among some mid-tier stocks. McNichols Plc led the losers’ table, plunging 8.81% to ₦3.00, while Lasaco Assurance dropped 8.62% to ₦2.65.

Agric and industrial counters also saw declines, with Livestock Feeds and John Holt Plc shedding 7.69% each to close at ₦7.20 and ₦6.00, respectively. Ikeja Hotel Plc fell 7.32%, and CHAMS Holdings Plc lost 7.06%, extending its recent profit-taking streak.

Among large-cap stocks, Zenith Bank Plc slipped 3.21% to ₦63.40, while Wema Bank declined 4.55% to ₦21.00, as investors booked profits following previous rallies. PZ Cussons Nigeria Plc also lost 4.64%, closing at ₦40.05.

In the Exchange Traded Funds (ETF) segment, Stanbic IBTC ETF 30 gained 2.94% to close at ₦525.00, while Greenwich Alpha ETF suffered the heaviest fall, plunging 8.90% to ₦373.50.

Market analysts said the day’s mixed performance reflected a rotation of investor interest from large-cap financials into mid-tier and insurance stocks, which have remained relatively undervalued.

“We are seeing renewed retail participation in low-priced insurance and manufacturing equities,” one Lagos-based stockbroker said. “However, macroeconomic pressures and cautious institutional trading continue to limit a full-blown rally.”

Overall, advancers were outnumbered by decliners, with 30 gainers against 36 losers, as the broader market showed resilience despite ongoing volatility in global and domestic markets.